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House hunters take advantage of low interest rates


As economic uncertainty about the coronavirus drives down interest rates, house hunters are applying for mortgages at a level not seen in more than a decade.

For the week ending March 6, mortgage loan applications rose 55.4% as compared to a week earlier, reaching their highest number since April 2009, according to the Mortgage Bankers Association’s weekly survey.

Homeowners also flocked to take advantage of lower interest rates. Refinancing applications jumped 79% week over week, the biggest weekly jump since November, 2008. The volume of refinance applications was also the highest in nearly 11 years. 

“Market uncertainty around the coronavirus led to a considerable drop in U.S. Treasury rates last week, causing the 30-year fixed rate to fall and match its December 2012 survey low of 3.47%,”  Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement about the survey’s results.



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